Essar Group Is Debt-free After Repaying $25 BillionEssar has concluded its asset monetization programme and completed the debt repayment
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Essar Group has become debt-free post paying off $25 billion from the sale of two ports and a power plant to ArcelorMittal Nippon Steel Ltd (AM/NS).
"Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion (INR 2,00,000 crore) effectively making the group debt-free from Indian banks and financial institutions," said Prashant Ruia, director, Essar Capital.
Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) concluded the $ 2.05 billion (INR 16,500 crore) sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India Limited (AM/NS). The sale consisted of infra assets which include a 270 MW power plant and 25 MTPA port at Hazira, Gujarat and a 12 MTPA port at Paradip, Odisha, the group said in a statement.
"In a planned and strategic manner, we have monetised assets that we built over the last 30 years. We are now reinvesting in our existing operations and in building new assets, both in India and overseas, with more efficient, latest and carbon neutral new-age technologies, which will be sustainable," said Rewant Ruia, director, Essar Ports Terminals Limited.
Essar, built by brothers Shashi and Ravi Ruia, continues to have substantial operating assets in all its core verticals – energy, metals and mining, infrastructure, logistics, technology and retail.
